Republican Reps. Patrick McHenry and Warren Davidson sent a letter on Tuesday promising action if the Biden administration did not reverse changes that increase mortgage costs for homeowners with good credit to offset those who have riskier credit.Financial Services Chair McHenry, R-N.C., and Housing and Insurance subcommittee chair Davidson, R-Ohio, said they would move to repeal the new provision through legislation if the Federal Housing Finance Agency did not move to do so itself. 'It's a socialist redistribution of wealth,' said Davidson in a statement. 'If the FHFA doesn't reverse this rule, must.'
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